Peanut the Squirrel (PNUT), a Solana-based Memecoin, has surged over 300% in the past 24 hours, reaching a new all-time high. Notably, a recent tweet by Elon Musk on X, mentioning "squirrels and meme coins" as America's saviors, is believed to be the catalyst for this price surge.
Some of Tesla CEO's social media activities have driven price rallies of various memecoins. Dogecoin (DOGE) has been the biggest beneficiary, as Musk has directly endorsed this coin. Recently, PNUT has emerged as another memecoin in this category alongside DOGE.
This memecoin has gained attention during the pre-election period, recording significant price surges. Recently, the crypto exchange Binance announced the listing of PNUT along with another AI-related memecoin, ACT (Act I: The AI Prophecy), creating a price rally for both coins and attracting the interest of the crypto community. How did PNUT become famous, and what is its connection to Elon Musk?
Here's a brief story. In early November, PNUT was launched in the crypto meme space to honor "Peanut," a squirrel executed by the New York Department of Environmental Conservation (DEC). Musk spoke out in support of seeking justice for this squirrel on X, which increased the prominence of the story on the internet.
Since its launch, the price of PNUT has increased by over 4,967%, with a market capitalization of $1.7 billion. At the time of writing, this memecoin is trading at $1.7.
30 months ago, the collapse of the Terraform Labs' altcoin Terra Classic (LUNC), previously LUNA, from a high of $119 to $0, triggered the market downturn in 2022. Amidst the ongoing cryptocurrency price rally, the Solana-based memecoin PNUT has surged 305.15% from $0.3854 to $1.72 in the past 24 hours.
The 4-hour price chart shows a very strong uptrend for PNUT. However, the 4-hour RSI has moved deep into the overbought zone, making the current entry point very risky. Therefore, investors should wait for a pullback to the Fib 0.5-0.618 range at $0.94-$1.03 to look for a buying opportunity. This Fib zone can be found if the price reaches the current all-time high of $1.8.
You can check the PNUT price here.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
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According to Thenewscrypto
